5 Reasons to use a finance broker for finding the best business loan
Published on 2021-11-02
Category: Small Business Owners
Who is a Finance Broker?
There are many differences between a broker and an agent. A broker generally specializes in one type of financial product, whereas an agent can work with many different types. Brokers are regulated by the Financial Conduct Authority (FCA) that oversees their work whereas agents are regulated bythe Financial Services Compensation Scheme (FSCS).
The most important difference is that brokers sell on behalf of the companies they represent, earning commission for services rendered. Agents make money by charging commissions on transactions they make on behalf of their clients.
Brokers generally have access to more competitive rates and commissions because they have higher status within the company due to the volume of business they do.
What is the role of a Financial Loan Broker?
Financial loan brokers help people find the best financial loans and offer them the best deals. They introduce clients to financial institutions and offer advice on how to choose a loan that suits their needs.
A financial loan broker is a person who helps someone find a loan that suits their needs. They introduce clients to banks or other non-bank financial institutions and offer advice on how to choose a loan that is ideal for them.
The financial loan broker will perform the following tasks:
- They assist you in understanding different funding opportunities and solutions.
- Help you find the right lenders as per your loan requirements.
- They can look at your business credit and personal credit history before you apply so that you know the likelihood of being approved.
- A financial loan broker can consider whether the client is better suited to a secured or unsecured loan.
- They can help you in consolidating all your debts and get a new loan with better terms and help you save money.
- When trying to figure out the most optimal solution, a broker can offer a range of solutions, including:
Why you should seek a finance broker’s help with finding abusiness loan?
There are many reasons to seek a finance broker’s help while choosing a business loan. Listed below are a few of them:
- A finance broker is someone who specializes in helping businesses find the best loans for their business needs. A good broker will not only find loans with the best rates, they will also advise you on which loans are best for specific aspects of your business plan.
- A good finance broker will also be able to meet with you at times convenient to your schedule, meaning that the process of applying for loans will be easy and stress-free.
- Finally, a professional broker can often find loans that other lenders cannot because they have access to more resources than most other lenders.
It is important to put your financial situation into context to understand what you can afford as a borrower. Small businesses can avail loans from $5,000 to $500,000 depending on the size, nature and turnover of the business.
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